LATEST INFORMATION 4/9/2020 4:00 PM
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New guidance by the state's parks system has been put out to help ensure everyone remains safe as there has been an increase in park usage throughout this quarantine. You can find that guidance HERE.
In addition to the recently implemented emergency paid sick leave to provide income protection for employees impacted by the coronavirus, there will be a new permanent paid sick leave mandate that was included in the state's budget. Provisions in this paid sick leave go into effect 180 days after being signed into law. For more details, click HERE.
The New York State Department of Labor has created a web page to explain how the new federal Pandemic Unemployment Assistance program works with the New York State unemployment process. To view the site, click HERE.
Starting tomorrow, Friday, April 10th, SBA Lenders will officially start accepting applications for Paycheck Protection Plan (PPP) loans from independent contractors and sole proprietors. It can be used for the sum of payments of any compensation to or income of a sole proprietor or independent contractor that is a wage, commission, income, net earnings from self-employment, or similar compensation and that is in an amount that is not more than $100,000 in one year, as pro-rated for the covered period. The PPP application can be found HERE.
PPP Loans are processed by most local banks but check with yours to find out more about their process. The SBA is changing the rules on the fly. Please know our local banks are doing what they can to help.
A second options for self-employed individuals to consider applying for unemployment through the New York State Department of Labor. A guide to advise you on how to make such an application can be found HERE.
Please be aware that the DOL’s website will be “out of service” later today from 5-7PM, as the state seeks to upgrade its capacity to handle the overwhelming number of Unemployment Insurance applications. This upgrade will include the creation of a call back function.
Treasury Secretary Steve Mnuchin said in an interview this morning on CNBC that he believes the US will be able to reopen the economy in May. This was said shortly after he announced the Federal Reserve was releasing $2.3 trillion more in financing for businesses and governments.
In the governor's press conference today (Thursday), Governor Cuomo said he will not speculate on when he would be able to relax the state's restrictions. That decision would not be made until the data shows it is safe to do so.
The governor also discussed his plans to put a pause on the 2% pay increase for public employees working for the state. This pause would be for 90 days, which will save $50 million, but does not effect local government and school employee contracts.